Conference Board's consumer confidence index increases in December
By Iain Gilbert
Date: Wednesday 22 Dec 2021
(Sharecast News) - The Conference Board's latest consumer confidence report showed an increase in December following an upward revision for November, with the index jumping to 115.8 to 111.9.
The Present Situation Index, based on consumers' assessment of current business and labour market conditions, was relatively flat at 144.1, down from 144.4 in November, while the Expectations Index, based on consumers' short-term outlook for income, business, and labour market conditions, rose to 96.9 from 90.2.
Senior director of economic indicators at the Conference Board, Lynn Franco, said: "The Present Situation Index dipped slightly but remains very high, suggesting the economy has maintained its momentum in the final month of 2021. Expectations about short-term growth prospects improved, setting the stage for continued growth in early 2022. The proportion of consumers planning to purchase homes, automobiles, major appliances, and vacations over the next six months all increased.
"Meanwhile, concerns about inflation declined after hitting a 13-year high last month as did concerns about COVID-19, despite reports of continued price increases and the emergence of the Omicron variant. Looking ahead to 2022, both confidence and consumer spending will continue to face headwinds from rising prices and an expected winter surge of the pandemic."
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